Care Health Insurance Portability

Care Health Insurance Portability

Anyone holding a policy from another insurer can switch to any Care health insurance plan. While porting, the cumulative bonus and waiting periods remain intact. Moreover, policyholders can opt for improved benefits and services at the same premium. To initiate this portability process, the insurer shall be informed 45 days before the policy is up for renewal.

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Benefits of Porting to a Care Health Insurance Policy

There are several advantages to porting to a Care health insurance policy:

• Continuity of Coverage Benefits: Porting allows you to keep the existing benefits and gives access to better coverage benefits at the same premium. For instance, policyholders can opt for a Care health policy for a better coverage amount, and rider benefits like global coverage, modern age treatments, etc.
• Transfer of Waiting Periods: The waiting period duration completed for specific diseases/pre-existing diseases/maternity benefits in the previous policy are continued. As a result, policyholders are only required to serve the remaining waiting periods after porting to a Care health insurance plan.
• No Loss of No Claim Bonus (NCB): Portability ensures no loss of the accumulated NCB when policyholders switch to a Care health policy. The NCB earned under the previous policy carries to the new Care health insurance policy. For example, if the NCB under the previous policy is 20%, the same add-up to the Care health insurance plan.
• Premium- With so much competition in the market, there is something better to offer by every health insurance provider. While switching a health plan you can opt for a policy that offers higher coverage benefits than your ongoing one at a lower premium. A complete win-win!

How to Port to a Care Health Insurance Policy?

To port to a Care health policy via Policybazaar.com, adhere to the steps given below:

Step 1: Select the Care Health Insurance policy that meets your requirements.

Step 2: Raise a portability request with Policybazaar approximately 45 days before your current policy expires.

Step 3: Fill out the online proposal and portability forms and submit them to Policybazaar.

Step 4: Make the premium payment for the Care health insurance policychosen

Step 5: Care Health Insurance will receive portability request from Policybazaar

Step 6: Care Health Insurance will contact your current insurance provider to gather information about your claims history, medical records, and any other relevant details. This data is readily available on the official website of IRDAI.

Step 7: Your health insurer must provide all requested details to Care Health Insurance within seven working days through IRDAI's common data-sharing portal. If there is any delay in data sharing, it will be put on hold.

Step 8: Care Health Insurance will evaluate the received documents and accept/reject the portability request within 15 days. If there is no intimation within this period, consider it accepted.

Documents Required for Care Health Insurance Portability

To facilitate the portability process, ensure to have the following documents ready:

• A comprehensive record of past insurance claims
• Copies of medical insurance policies from the previous year
• Most recent renewal notice outlining the NCB particulars
• Relevant medical records, like doctor's consultation or prescription papers, hospital discharge certificates, test reports, etc., if applicable.

How Does NCB Work Under Care Health Insurance Portability?

NCB works differently under various scenarios when an existing policy is ported to a Care health insurance policy. Let's explore each of these scenarios in detail:

Scenario 1: When the policyholder chooses a Care health insurance policy with the same base sum insured as the previous policy, the waiting periods from the previous policy will continue to apply.

Consider Arjun with a Rs 10 lakh health policy and an NCB of Rs 4 lakh. If he opts to switch to a Care health policy of Rs 10 lakh, the waiting periods from his previous policy will be carried forward. He can access the coverage benefits without serving any extra waiting periods.

Scenario 2: If the policyholder opts to switch to a Care health insurance policy with a base sum insured that matches the sum insured of the previous policy along with the NCB, the waiting periods of the previous policy will be considered sufficient.

Let's say Arjun holds a Rs 10 lakh health policy with an NCB of Rs 4 lakh. If he decides to port to a Care health policy of Rs 14 lakh, the waiting periods from his previous policy will be carried forward, and there won't be any extra waiting periods.

Scenario 3: If the policyholder chooses a Care health insurance policy with a larger coverage amount than their previous policy along with the NCB, the waiting periods will be applicable for the extra coverage portion.

For example, consider Arjun, who possesses a health policy of Rs 10 lakh, accompanied by an NCB of Rs 4 lakh. If he chooses to switch to a Care health policy providing coverage of Rs 20 lakh, the waiting periods served in his previous policy will be carried forward for the Rs 14 lakh coverage. However, to claim the additional Rs 6 lakh, he must serve the standard waiting periods.

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